The government named economist and banker Urjit Patel the next Governor of the apex bank to succeed Raghuram Rajan.

Patel, 52, a Deputy Governor since January 2013, will take over as the 24th chief of India’s central bank on September 4.

“Appointment of Urjit Patel comes as a welcome move. Dr. Patel has been at the helm of institutionalizing the inflation targeting regime in the monetary policy framework.

“His appointment signals continuity of policy intent, both on part of RBI and Government,” said State Bank of India’s Chairman Arundhati Bhattacharya.

Congratulating Patel, ICICI Bank’s MD and CEO, Chanda Kochhar said, “Urjit Patel has played a key role in developing the new monetary policy framework that has focused on reigning in inflation and has imparted stability to the currency.”

She also said his appointment would ensure a smooth transition and continuity in monetary policy, as India puts in place major structural reforms to transition to a higher growth path.

“I am confident that this transition will ensure efficient monetary policy management. Patel is an astute economist with a clear vision, who will surely continue to de-risk the Indian economy and strike the fine balance between growth imperatives and inflation management,” said Yes Bank’s MD and CEO Rana Kapoor.